An audit of an employee benefit plan involves the examination of financial statements provided by a third party to the DOL, plan management and plan participants. The primary focus of an employee benefit plan audit is to accurately gauge the ability of the plan to cover current and future benefits and payments.
An employee benefit plan audit can be a complex undertaking. The plan’s financial reporting and the audit environment both provide unique factors that make this process much more complex than a standard audit. The expert audit team at Warren Averett has decades of relevant experience in auditing plans with consideration of unique factors, including:
- Regulations of the Internal Revenue Service (IRS) and Department of Labor (DOL)
- Federal and state laws
- Special reporting and audit requirements
- Nature of the plan operations
During an employee benefit plan audit, the auditor may identify practices, procedures and other internal processes that have the potential to cause plan compliance issues or need improvement. To ensure that your company is prepared for your audit, and to avoid potential scrutiny regarding your fiduciary responsibility with respect to internal controls, plan compliance and best practices, it’s wise to select an audit team that has extensive experience auditing plans.
At Warren Averett, we advise public and private companies and perform plan audits and consulting, informed by a strong ERISA and plan operations background. We are charter members of the AICPA Employee Benefit Plan Audit Quality Center and members of the Public Company Accounting Oversight Board (PCAOB).
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Other ways that Warren Averett’s team can assist with your EBP audit include connecting you to our professionals who can perform a Form 5500 review. An important tool in ERISA’s disclosure and reporting framework, the Form 5500 provides federal agencies with an annual report that includes information concerning the benefit plans offered by employers, and the finances and operations of these plans.
How We Can Help With Your Benefit Plan
You may benefit from Warren Averett’s employee benefit plan audit services if:
- You need employee benefit plan audit services
- You need help interpreting the standards from the American Institute of Certified Public Accountants (AICPA)
- You need to assess the consistency of your Form 5500 in conjunction with your plan’s financial statements
- You need to identify items on your Form 5500 that may be a triggering point for the DOL
- You need to understand additional conditions for small pension plans established by the DOL in 2021
- You need a Form 5500 review.
Types of Employee Benefit Plans We Audit
Warren Averett’s employee benefit plan auditors provide services to many different types of plans, including:
- Defined Contribution Plans
- Defined Benefit Plans
- Health and Welfare
- 401(k) plans
- 403(b) plans
